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the contract of sale heretofore made and executed, and the Purchaser shall not be <br /> obligated to see to the application of the purchase price. <br /> Section 4. Security Provisions; Bond Proceeds. <br /> 4.01. Authorizing Resolution. The Bonds shall be additional <br /> obligations payable from the Net Revenues of the Store on a parity with the 1987 <br /> Bonds in accordance with Section 3.06 of the Authorizing Resolution. The Bonds <br /> shall be payable from the Revenue Bond Account established within the Liquor <br /> Store Fund of the City by Section 3.03 of the Authorizing Resolution on a parity <br /> with the 1987 Bonds and any other additional obligations permitted by the <br /> Authorizing Resolution to be payable on a parity with the 1987 Bonds and the <br /> Bonds. The provisions of Sections 3, 4 and 5 of the Authorizing Resolution are <br /> incorporated herein by reference and shall apply to the Bonds and the amendment <br /> of this resolution, and the Bonds shall be secured by each and all of the covenants <br /> and provisions contained in Sections 3, 4 and 5 of the Authorizing Resolution. <br /> 4.02. 1987 Bonds Escrow Account. There is hereby established in the <br /> Liquor Store Fund a "1987 Bonds Escrow Account" to which shall be credited $343,670 <br /> of the purchase price received from the Purchaser for the bonds and $69,000 from <br /> amounts on hand in the Reserve Account established within the Liquor Store Fund <br /> by Section 3.04 of the Authorizing Resolution. Funds in the 1987 Bonds Escrow <br /> Account shall be invested in securities authorized by law maturing or callable at the <br /> • option of the holder thereof on such dates and bearing interest at such rates as shall <br /> be required to provide sufficient funds together with any cash or other funds <br /> retained in such account to pay the principal of the Refunded Bonds on January 1, <br /> 1993. The funds in said account shall be used solely for the purposes herein set forth <br /> and for no other purpose, and said account and all securities therein and all <br /> payments of principal and interest on said securities are hereby irrevocably pledged <br /> to the payment of the principal of the Refunded Bonds; except that if any balance <br /> shall remain in said account after all principal has been paid on the Refunded Bonds <br /> then such balance shall be transferred to the Revenue Bond Account. <br /> 4.03. Costs of Issuance Account. There is hereby established within the <br /> Liquor Store Fund a "Costs of Issuance Account", into which shall be paid $16,375 <br /> of the proceeds of the Bonds. There shall be chargi_ to and paid from the Costs of <br /> Issuance Account costs incurred by the City in connection with the issuance of the <br /> Bonds and refunding of the Refunded Bonds, provided that any money remaining <br /> in said Costs of Issuance Account shall be transferred to the Revenue Bond Account. <br /> 4.04. Reserve Account. $40,500 of the purchase price received from the <br /> Purchaser for the Bonds shall be deposited in the Reserve Account. The money in <br /> the Reserve Account shall be used to pay the principal and interest on the 1987 <br /> • -11- <br />